Assume the same information as in Brief Exercise 5-41: Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's engaged in a customer service contract to purchase 20,000 loaves of Buddy's bread. Buddy offered credit at terms of 2/10, n/30 and expects Gordon to pay within the discount period.
Required:
Prepare the journal entry assuming the payment is made after 10 days (after the discount period)?